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1、HOW PRIVATE EQUITY CAN WIN IN PROFESSIONAL SPORTS INVESTINGTony SimpsonKaijia GuChris McMillanDavid GandarillasJolee Tung Oliver Wyman2How Private Equity Can Win In Professional Sports InvestingNo longer just passion plays for the wealthy and those seeking geopolitical influence,professional sports

2、are fast becoming an asset class of their own and creating value opportunities for investors.Revenues and valuations of major teams and leagues are rising,organizations are maturing,womens sports are booming,and media rights are soaring domestic media rights for the English womens football team,for

3、example,saw a rise of 800%to$65 million in the two years since they won the European Championship.It is not only major leagues such as the NFL opening their doors to institutional investors.An array of new sports and formats are seeking external investment for the first time.The sectors resilience p

4、rofessional sports are viewed as countercyclical is yet another draw.As a nascent asset class,however,sports investments need more time to build a solid track record.The landscape is complex,and visibility can be poor or misleading at times.And while the scarcity of premium assets helps drive up val

5、uations,it means some investors wait cautiously on the sidelines for the right moment to move into the sector.But investors who are ambitious,creative,and well prepared may enjoy an early adopter premium and emerge as winners.In this paper,we identify top trends and growth drivers across professiona

6、l sports and outline the key factors to consider before investing.OPPORTUNITIES ACROSS THE PROFESSIONAL SPORTS LANDSCAPEProfessional sports offer a range of asset types,each with its own business model,return considerations,and value-creation levers.The sector can be broken down into core sport and

7、sport-adjacent opportunities.CORE SPORTSport and services:Leagues and competitions,teams,governing bodies as well as key service providers such as talent agencies and sport academiesInfrastructure:Venues and services hosting and managing professional sport events,with stadium operators and venue ser

8、vices providers as key entitiesSporting goods:Providers of sporting apparel and equipment,including wearables,which can be purchased directly from manufacturers or via retailers Oliver Wyman3How Private Equity Can Win In Professional Sports InvestingSPORT-ADJACENTTech,data,and analytics:Solutions re

9、lated to the digital transformation of sporting activities,from scouting and training to fan engagement and ticketingMedia and entertainment:Platforms distributing sport content to consumers and related broadcast solutions(virtual advertising,remote production),alongside the value chain supporting b

10、roader gamification and bettingExhibit 1:Professional sports investment universeCore sportSport and servicesClubs/teams(e.g.,European FCs,US franchises)Leagues(e.g.,LaLiga)Events/formats(e.g.,Six Nations)Governing bodies(e.g.,WTA,SARU)eSports(e.g.,Guild eSports)Marketing and talent agenciesSport aca

11、demy1InfrastuctureStadium operators(e.g.,horseracing arena,motorsport circuits)Venue services(e.g.,ASM Global Parent)Sport academy(e.g.,SPIRE Institute)1Sporting goodsApparel(e.g.,Arcteryx,Vuori)Equipment(traditional e.g.,racquet manufacturer;tech-led e.g.,Peloton;elite e.g.,Hyperice)Wearables(perfo

12、rmance improvement e.g.,Swish Hoop,Whoop)Retailers(e.g.,Decathlon,JD Sports)Sport adjacentTech,data and analyticsData providers(e.g.,Sportradar,Genius Sports)Scouting and discovery(e.g.,Tonsser)Training and performance(e.g.,Hudl,Veo)Sport management platforms(e.g.,Teamworks,Team Snap)Fan engagement,

13、incl.ARandtokens(e.g.,Quintar,Sorare)Ticketing(e.g.,Stubhub,hospitality services)Venue technology(e.g.,PMY Group)Officiating(e.g.,Hawkeye)Media and entertainmentMedia platforms(e.g.,DAZN,Barstool,OneFootball)Broadcast solutions(e.g.,Deltatre,Vizrt)Gaming and betting(e.g.,Fan Duel)1.Some assets class

14、ified under Sport and Services;others under Infrastructure.Source:Oliver Wyman analysisOver the past two decades,the sector has mirrored overall market conditions and transaction volume.The core sport and services segment has seen moderate growth in deal transaction volume(+3.1%CAGR 2007-22).Private

15、 equity firms with significant presence in the segment include CVC,Silver Lake,and Carlyle,as well as several firms specializing in sports including Arctos and RedBird.Oliver Wyman4How Private Equity Can Win In Professional Sports InvestingTalent agencies and other targeted services in this category

16、,such as sports academies,have experienced an uptick in interest.From BC Partners credit investment in GSE Worldwide to EQTs stake in IMG Academy,institutional investors are increasingly capitalizing on the rising prominence and commercial draw of athletes.Exhibit 2:Deal transaction volume by segmen

17、t2007-2023,n=23,781,announced transactions200720082009201020112012201320142015201620172018201920202021202220231522052205514519519669164207213781852052752072643061772562948016726130082219233291106169183303981891673211042141942871229120518924711996221200243145117210137302161116259169320195242117295169

18、16695216961186846637378469428989289088569261,124CAGR2007-20221+7.1%+8.2%977691Core sportSport adjacentSports and servicesInfrastructureSporting goodsTech,data and analyticsMedia and entertainment+2.0%-3.7%+3.1%Total transactions across all sectors52587574849797131145147819049079801079261811541.Exclu

19、ding 2023 in account of market-wide capital constraints from interest rate hike.Note:5,000 transaction are omitted due to unavailable mapping.Source:CapIQ all transactions with“sport”in CIQ industry classification,data extracted April 2024,Oliver Wyman analysisBut the areas that have seen outsized t

20、ransaction volume over the past 15 years were the sport-adjacent categories of technology,data,and analytics(+8.2%CAGR 2007-22)and media and entertainment(+7.1%CAGR 2007-22).Oliver Wyman5How Private Equity Can Win In Professional Sports InvestingTechnology,data,and analytics are increasingly critica

21、l to the industry,particularly as the financial stakes of winning or losing rise.Teams are using technology and data to optimize performance,and leagues and governing bodies to make officiating more precise.Fan engagement has also been a key driver in the category,with leagues and clubs trying to ma

22、ximize monetization from fans and keep them involved before and after sporting events.Deals in this space include Legends partnership with Sixth Street,investment in Dapper Labs by TCG,and Silver Lakes acquisition of Learfield.Growth in the media and entertainment segment of the industry is being dr

23、iven not only by live events but also by the creation of sticky content for viewers worldwide.Broadcasting rights values have risen 4%on average per year over the last 7 years,and now account for about half of total revenue across the major leagues,according to Oliver Wyman estimates.This growth has

24、 spawned a host of dedicated sports content platforms(Barstool)and interest among private equity houses(Deltatre deal with Bain Capital,LiveBarn with Ares,AE Live with Inflexion,or virtual advertising specialist Supponor by Quadrant).In addition,regulatory changes have proven key to the rise of spor

25、ts gamification and betting,with high valuations for companies such as Sixth Streets Legends and Fanatics,a Silver Lake investment.RETURN ON INVESTMENT IN PROFESSIONAL SPORTSWhen considering return on capital,investors need to think about both EBITDA and annual cashflow.Margins can vary widely.In sp

26、ort-adjacent segments,margins can run between 10%and 20%.In contrast,margins on assets within the sport and services category are much more variable.In cases where margins are low,the primary consideration is asset appreciation through the expansion in revenue multiple and revenue growth.When relyin

27、g primarily on asset appreciation,however,proper due diligence is essential to ensure the asset is a“star,”particularly in an environment where valuations require major investments.Investors must evaluate key indicators,including fanbase,media deals,and quality of management,to ensure they are trend

28、ing in the right direction.Oliver Wyman6How Private Equity Can Win In Professional Sports InvestingExhibit 3:Financial performance of select sport assets(non-exhaustive,best efforts)Valuation20231,$BillionRevenue2023,$MillionEBITDA margin2023,%Average2RangeAverageRangeAverageRangeSport and servicesT

29、eams(US leagues)National Football League5.13.59.07105601,400211045National Basketball Association3.92.47.735026077020-1035Major League Baseball2.31.07.14002406605-100Teams(European football)English Premier League3.00.26.03701708605-3525La Liga2.20.234.220060870-2-3525Bundesliga2.20.24.12307078010-85

30、30Serie A1.00.11.9170404806-6045Ligue 12.00.13.112030840-19-6010LeaguesFormula 118.6n/a3,200n/a213n/aMoto GP4.04n/a450n/a38n/aATP Tour2.65n/a2604n/a336n/aGoverning bodiesAll Blacks(New Zealand Rugby)2.46n/a270n/a0n/aFederation Internationale De Volleyball0.37n/a604n/a516n/aTech,data,and analyticsSpo

31、rt data providersSport Radar3.7n/a870n/a19n/aGenius Sports1.8n/a400n/a13n/a1.2023 or transacted EV in last five years;2.For European FC,took midpoint of range due to limited data;3.assumed EV/revenue multiple of 2.0 x;4.Estimated based on 2024 valuation;5.Derived from proposed$3.9BN ATP-WTA merger,w

32、here ATP accounts for 2/3s of revenue(assumed 2/3s of value)of new entity(based on 2022 data);6.2022 value;7.2021 value;8.OIBDA-derived as EBITDA not reported.Source:Off the Pitch,Cap IQ,Merger Markets,Statista,Virtual Capitalist,Football Benchmark,Sportico,annual reports,press release,Oliver Wyman

33、analysis Oliver Wyman7How Private Equity Can Win In Professional Sports InvestingExhibit 4:Returns of select sport assets(non-exhaustive)Enterprise value at point of transaction and acquiring parties1,US$billionManchester City2015Consortium of Chinese institutional investors3.04.82019Silver Lake+1.6

34、xManchester United2005Glazer family1.56.42023Silver Lake+4.3xMoto GP2006Bridgepoint0.64.52024Liberty Media+7.5xPhoenix Suns2004Robert Sarver2021Dyal HomeCourt 2022Mat Ishbia0.41.64.0+4x+2.5xFormula 12006CVC2.08.02016Liberty Media+4.3x1.Does not take into account money put in or returned as dividends

35、.Source:Off The Pitch annual reports,Capital IQ,Mergermarket,GlobalData,Sportico,Forbes,Press,Oliver Wyman analysis Oliver Wyman8How Private Equity Can Win In Professional Sports InvestingTeamsThese assets have wide-ranging profitability as their financial performance is largely tied to sporting per

36、formance,which is inherently uncertain.As a result,traditional in-year metrics of EBITDA are less relevant,with many teams in the US and Europe having negative margins.Instead,return on capital is primarily derived from asset appreciation.Manchester City doubled in valuation in four years,and Manche

37、ster Uniteds value increased by a multiple of 4.3x over 18 years.Valuation growth is due to the scarcity of premium assets the number of teams is limited,and potential buyers(often wealthy individuals)have grown over time as well as the pulling of key operational improvement levers,such as enhancing

38、 fan engagement or maximizing the performance of players and teams.There are also important geographical nuances between teams in the NFL,with 10%to 45%EBITDA margin range,and continental European football,where EBITDA varies widely because teams operate in systems where revenue is more insulated fr

39、om player wage inflation.Leagues and competitionsCompared with teams,these natural monopoly assets are more stable and typically have healthier margins.Considerable returns are available through asset appreciation,such as the 10%to 15%annual valuation growth of the major motorsport leagues.Success i

40、n this asset class is not tied to sporting performance,but to the ability to negotiate broadcast rights and positioning of the league or competition within the sport.Value-creation levers include governance to promote financial sustainability and competitive balance.Rule changes occasionally drive f

41、an engagement,such as Major League Baseballs shortening of games.As a result,long hold periods can be necessary before governance changes are delivered.In addition to private equity expanding the value of existing leagues,some firms are launching rival leagues,particularly those that reimagine mid-t

42、ier sports.Public Investment Fund,the sovereign Saudi Arabian fund,developed the LIV Golf tour to rival the PGA in 2022,and the first season of TGL,TMRW Sports new indoor golf league,is underway.As these investments are recent,whether they will prove successful remains to be seen.Federations and gov

43、erning bodiesGoverning bodies,which administer a sport,and federations groups of governing bodies,often at the regional or global level and leagues are the newest asset types in professional sports.These are higher risk opportunities,as returns from recent investments are yet to be seen.Ticket sizes

44、 vary substantially.New Zealand Rugby,a governing body whose national team are known worldwide as the All Blacks,has a$2.4 billion valuation,while the Federation of International Volleyball is valued at about$300 million.In this space,growth is likely to come from finding ways to adapt and strengthe

45、n the commercial model of the sport.Oliver Wyman9How Private Equity Can Win In Professional Sports InvestingTAILWINDS FOR THE PROFESSIONAL SPORTS ASSET CLASSBased on the strength of five key tailwinds increasing number of opportunities,improving bottom line economics,continued strong revenue growth,

46、blurring segment boundaries,and successful exits there is clear potential for the professional sports sector to perform well into the future.INCREASED SUPPLY OF ASSETSWhile the supply of premium assets has been limited,several forces are expanding the number of opportunities.Regulatory changes have

47、been a key driver of the increase.North American major leagues increasing openness to private equity investments in participating clubs,albeit minority stakes,has had a significant impact on the market.Since 2019,when Major League Baseball became the first major US league to allow private equity inv

48、estors to take minority stakes in franchise teams,the National Basketball Association(NBA),Major League Soccer(MLS),and the National Hockey League(NHL)have followed.The National Football League(NFL)is the most recent to allow private equity investment,enabling funds to buy up to a 10%stake in late A

49、ugust 2024.Leagues and governing bodies are among those considering external investment for the first time after seeing the impact of capital on their peers.This effect is particularly pronounced among mid-tier and niche sports that have less to lose and much to gain by reimagining the format and co

50、mmercial model of their sports.In Europe,major football league rules have more liberal ownership regulations,including allowance for controlling stakes;the near exception is Germanys Bundesliga,where the“50+1”rule requires fans to own more than half of a clubs equity,thus limiting private equity inv

51、estments to minority ownership.Exhibit 5:Summary of private equity investment rules in North American mens professional major leaguesYear allowedEligible for saleLone investor eligible to holdMinimum investmentNumber of teams one fund can ownNational Football League(NFL)202410%10%3%6National Basketb

52、all Association(NBA)202130%20%1%5Major League Baseball(MLB)201930%15%Deal by dealNo capNational Hockey League(NHL)202130%20%US$20 million5Major League Soccer(MLS)202030%20%US$20 million4Note:Chart is as of September 19th,2024.Source:SportsPro Media;DBRA Morningstar;National Football League Oliver Wy

53、man10How Private Equity Can Win In Professional Sports InvestingChanging regulations have also boosted sports betting.Over the past five years,40 US states legalized betting and unlocked a new way to monetize sports data and fan engagement,such as betting-focused sports broadcasts.Leading companies

54、such as FanDuel(owned by Flutter Entertainment)and DraftKings are publicly traded,but smaller companies might be analyzed as potential investments.DISCIPLINED FINANCIAL MANAGEMENT LEADS TO IMPROVED ECONOMICSSports have long had a reputation for low and unreliable profitability,but investors taking a

55、 more nuanced review of assets will see a multitude of value-creation levers available to improve EBITDA and drive returns.These levers may seem unusual to a traditional private equity firm,such as strengthening the accountability of team management,but professionalizing the management of sporting e

56、ntities remains a major opportunity for many assets.In addition,financial fair play regulations,as seen in European football,will push teams toward greater financial sustainability and competitive balance,increasing attractiveness for investors.Moreover,taking a broader view of the sport investment

57、universe to account for healthier margins of leagues and the adjacent sport technology and media sectors can help diversify portfolios,with increasing synergies seen among the subsectors.Exhibit 6:Impact of financial fair play on European football(non exhaustive)2021European Super League:Wealthiest

58、teams announced breakaway to rival UEFA Champions League,igniting concerns on sustainability of the game to new levels2023UEFA Financial Sustainability rules:Including SCR1(70%from 2025/26 season)and 3-year total loss limits2013PSR1 introduced:“One rule to rule them all”cannot lose 105 million per a

59、nnum for more than 3 years to improve profitability of the game2022Independent regulator:UK government announces design underway for football regulator(IFR)2024IFR legislated:Football Governance Bill introduced to ParliamentNew EPL rules being trialled:SCR(85%EPL squad cost ratio)being tested for 20

60、24/25 season to make squad spend more sustainable1.Squad cost ratio.Source:Forbes,Sports Reference Salary Spend Dataset,Oliver Wyman analysis Oliver Wyman11How Private Equity Can Win In Professional Sports InvestingExhibit 7:Average revenue multiple comparisonUS major sports leagues top 6 teams by v

61、aluation1 vs.EPL Big 6National BasketballAssociation11.6x9.8x9.4x6.0 xNationalFootball LeagueMajor LeagueBaseballEnglish PremierLeague+4.3xTop 622023 average revenue(US$million)5047385357032023 EBITDA margin20%29%8%-4%3LeagueSalary cap(2023 realised salary as%of league rev.)Soft salary cap(40%)Hard

62、salary cap(41%)Soft salary cap(39%)PSR,SCR being trialled(71%4)League structureClosedClosedClosedOpenAccess to UEFA Champions League based on performanceRevenue variance(top vs.bottom of league)3.0 x2.3x2.8x5.0 x1.Profit and sustainability rules;2.Top 5 teams for MLB;3.Net of player trading;4.5-year

63、 average player wages+5-year average player amortisation 5-year average profit on player sales as%of 5-year average revenue,assuming 71%of total wages are player wages.Source:Forbes,Major League Baseball,Sports Reference Salary Spend Dataset,Oliver Wyman analysisSTRONG INDICATORS OF REVENUE GROWTHMa

64、cro indicators of top-line growth remain favorable.Overall core sport market revenue is expected to grow at 6%annually,tracking historical growth of major leagues at 5%.There is no foreseeable reason sports would be less economically resilient than in the past,and interest in professional sports rem

65、ains high.Additionally,considerable headroom remains among major sports to capture international markets,especially through direct-to-consumer distribution.Niche sports can make their way into the limelight by leveraging streaming and social media to reach and monetize global audiences.Oliver Wyman1

66、2How Private Equity Can Win In Professional Sports InvestingBLURRING BOUNDARIES AMONG SEGMENTSThe lines separating sports,media,entertainment,data,and technology have never been solid,but the overlap and synergies among segments are increasing.As a result,we expect the forces driving the growth of t

67、hese segments to positively converge,boosting overall growth of the industry.Private equity firms may already have teams and sport-adjacent assets,such as sport data providers and ticketing platforms,in their portfolios through consumer or media funds.Professional sports have been making spinoffs of

68、 their commercial rights,launching investment vehicles to attract interest from private equity.In some cases,club assets like stadiums and media platforms have also been split to maximize their return.For example,Sixth Street signed a partnership with Real Madrid to operate the newly rebuilt Santiag

69、o Bernabu Stadium for the next 20 years.Similarly,the need to compete against other entertainment alternatives and new consumer habits(digital push,OTT platforms,shorter formats),especially to attract younger people,has made fan engagement a key priority.Gaming or tokenization not only provide new s

70、ources of revenue for clubs and leagues,they are also key to attracting and retaining fan interest in a sport.Likewise,sports events have evolved into spectacles competing to become the hottest tickets in town.In cricket,for example,white-ball formats such as The Hundred in the UK or Big Bash League

71、 in Australia offer entertainment beyond the game,similar to the Ultimate Fighting Championship.New technology is also pushing the boundaries of entertainment,allowing for new fan experiences involving virtual reality or next-gen stats.A recent example is Cosm,backed by Avenue Sports Fund,reaching a

72、 deal with NBC Sports to show live sports through immersive reality broadcasts in multiple venues across the US,allowing fans thousands of miles away from stadiums to feel like they are watching their favorite sports events onsite.SUCCESSFUL EXITS AND CONSIDERABLE ASSET APPRECIATIONIn 2006,CVC acqui

73、red a majority share in Formula One for$2 billion that it sold to Liberty Media for$8 billion in 2016.In the US,Providence Equity bought a 25%stake in Soccer United Marketing(SUM),the commercial rightsholder of Major League Soccer,for$150 million in 2012,and sold it back to them for$450 million five

74、 years later.Similarly,investments in clubs have also proven capable of providing sizable returns.In addition to the 10%to 20%annual asset appreciation of the top Premier League clubs,the NBAs Phoenix Suns saw investors Blue Owl(via Dyal HomeCourt)more than double property valuation(from$1.55 billio

75、n to$4 billion).Investors in football clubs Hertha Berlin(with KKR)and AC Milan(with Elliott Management)had similar positive outcomes.Oliver Wyman13How Private Equity Can Win In Professional Sports InvestingKEY CONSIDERATIONS FOR PROFESSIONAL SPORTS INVESTINGProfessional sports have only recently be

76、gun to transform into an asset class,and the landscape can appear complex.The guidelines below can help firms move into the sector for the first time.Broaden your definition of sports and pick the area where you have strong“right to win”.Given the lumpier deal flow and differentiated return potentia

77、l,consider the full universe of investment opportunities,from media platforms to data and analytics.It is critical to be open-minded within target investment characteristics across geographies and asset types,but also to focus on where you have an advantage.If you are an expert in investing software

78、,tech,data,and analytics might be the place to look.If value creation is your strength,transforming professional leagues through strong governance and talent injection might be interesting.Embrace complexity.Professional sports are in their infancy as an asset class for value creation.Many assets,es

79、pecially leagues,competitions,and governing bodies,are considering external investment for the first time.Those deals,therefore,may need more engineering and creativity.Moreover,the transaction process may be lengthier than expected and may be subject to approvals from a wider variety of stakeholder

80、s than usual.On the other hand,it could also be a less competitive field,as not all funds have the appetite and capability for complex deals.Understand the importance of regulation and governance.Regulatory rules and governance requirements are changing frequently.Some are opening new investment ave

81、nues,such as in the NFL,while others are revealing which parts of the investment universe are more attractive.It is imperative to stay not only up to date but ahead of changes through formal channels and industry relationships.Invest behind the long-term growth trends in the sector.An awareness of t

82、rends across the sports universe can alert investors to assets with potential for enhanced returns.For example,womens sports and padel are currently on the rise.Consumer tastes also are changing,particularly with Gen Z,which is affecting both the popularity of a sport and how fans want to be engaged

83、 and monetized.Build industry connections.Even though potential investors might have some exposure to sports through adjacent sectors,professional sports remain such a different type of asset that expertise and a robust network are critical for success.In such a broad and dynamic sector,building rel

84、ationships with experienced advisers can help keep you abreast of trends and uncover opportunities.Oliver Wyman14How Private Equity Can Win In Professional Sports InvestingExplore the advantages of multi-property ownership.Multi-property sports ownership is often the ultimate ambition.Whether that m

85、eans holding stakes in multiple teams in the same sport or building a portfolio of assets that covers a large swath of the investment universe,multi-property ownership allows investors to gain valuable synergies through increased knowledge,greater connections,additional revenue streams,or more effic

86、ient asset management.Numerous factors are converging to transform professional sports from trophy assets for the few to value-creating opportunities for a wider swath of investors.Forces from favorable demographics to governance are expanding the supply of investable assets and improving their odds

87、 of growth.For investors committed to understanding the sports universe,building networks,and taking a creative,global approach,professional sports investments may prove a winning bet.Oliver Wyman,a business of Marsh McLennan(NYSE:MMC),is a management consulting firm combining deep industry knowledg

88、e with specialized expertise to help clients optimize their business,improve operations and accelerate performance.Marsh McLennan is a global leader in risk,strategy and people,advising clients in 130countries across four businesses:Marsh,Guy Carpenter,Mercer and Oliver Wyman.With annual revenue of$

89、23billion and more than 85,000 colleagues,Marsh McLennan helps build the confidence to thrive through the power of perspective.For more information,visit ,or follow on LinkedIn and X.Americas Europe Asia Pacific India,Middle East&Africa+1 212 541 8100+44 20 7333 8333+65 6510 9700+971(0)4 425 7000 Co

90、pyright 2025 Oliver WymanAll rights reserved.This report may not be reproduced or redistributed,in whole or in part,without the written permission ofOliver Wyman and Oliver Wyman accepts no liability whatsoever for the actions of third parties in this respect.The information and opinions in this rep

91、ort were prepared by Oliver Wyman.This report is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accountants,tax,legal or financial advisors.Oliver Wyman has made every effort to use reliable,up-to-date and comprehensive informa

92、tion and analysis,but all information is provided without warranty of any kind,express or implied.Oliver Wyman disclaims any responsibility to update the information or conclusions in this report.Oliver Wyman accepts no liability for any loss arising from any action taken or refrained from as a resu

93、lt of information contained in this report or any reports or sources of information referred to herein,or for any consequential,special or similar damages even if advised of the possibility of such damages.The report is not an offer to buy or sell securities or a solicitation of an offer to buy or sell securities.This report may not be sold without the written consent ofOliver Wyman.AUTHORSTony SimpsonPDavid GandarillasEngagement MKaijia GuPJolee TungEngagement MChris McMillanPOliver Wyman A business of Marsh McLennan